The S&P 500, even with the recent more aggressive selling, has not scored any structural breakdowns in trend. This suggests the recent "distributive wave" is more a correction of near-term over-exuberance than anything deeper.

This
does not mean we can’t correct more after a modest bounce — but as of now, there is no evidence to support the notion that this
is the start of a much larger correction — at least not yet.

Even with the recent pullback and moderating internals, neither support levels (red & green line – 1,175 and 1,160 levels respectively) nor the uptrend (black line) on the S&P 500 have yet to be violated.